BRICS Regimes Forge New World Bank, Call for Global Currency

The governments and dictatorships ruling over the so-called BRICS countries — Brazil, Russia, India, China, and South Africa — agreed to set up a new world bank that analysts say could further marginalize the increasingly unstable U.S. dollar, possibly helping to eventually dethrone it as the global reserve currency. Meeting in Durban, South Africa, last week at their fifth annual summit, the socialist and communist-minded BRICS regimes also announced their support for creating a new world currency and full-fledged global governance.

Other top priorities outlined in the final agreement, dubbed the “eThekwini Declaration,” include promoting global so-called “sustainable development,” which according to the United Nations entails a radical restructuring of human civilization. Also key on the list of BRICS rulers’ demands: further centralization of power in the hands of the UN, more government meddling in the economy, ramped up attacks on national sovereignty, increased power for Third World dictators on the global stage, and much more.

“We support the reform and improvement of the international monetary system, with a broad based international reserve currency system providing stability and certainty,” the five regimes said in the declaration, calling for Third World dictators to have a greater say in the IMF and the emerging global monetary regime. “We welcome the discussion about the role of the [IMF’s] SDR in the existing international monetary system including the composition of SDR’s basket of currencies."

So, as The New American has documented extensively in recent years, BRICS rulers finally gave the green light to create their own global “development” bank — a potential rival to the largely discredited and widely reviled IMF and World Bank that the BRICS regimes insist will “complement” existing institutions. “Following the report from our Finance Ministers, we are satisfied that the establishment of a New Development Bank is feasible and viable,” they said in the declaration. “We have agreed to establish the New Development Bank. The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing.”

The move, according to experts, will also pave the way toward further marginalizing the U.S. dollar in international trade; potentially with devastating consequences for the American economy if and when the Federal Reserve’s fiat currency loses its prized position as the global reserve. On the sidelines of the summit, some of the BRICS regimes — most notably Brazil and China, which will trade up to $30 billion per year — also agreed to start swapping tens of billions in each other’s currencies, sidelining the current global reserve currency.

Some analysts tried to downplay the move. Despite having about half of the world’s population, the combined GDP of BRICS economies totals around $14 trillion dollars — about the size of the U.S. economy. However, if the U.S. dollar were to implode and lose its place as the world reserve currency, that could change quickly. Many of the BRICS’ central banks and governments have been buying gold at unprecedented rates, too, fueling speculation that some major developments may be in the pipeline.

Aside from a planetary fiat currency and central bank, the erection of a true world government was at the heart of BRICS regimes’ machinations outlined in their final agreement. “We reiterate our strong commitment to the United Nations (UN) as the foremost multilateral forum entrusted with bringing about hope, peace, order and sustainable development to the world,” the declaration states, adding that “we reaffirmed our commitment to the promotion of international law, multilateralism and the central role of the United Nations.”

Like last year, the alliance also claimed the UN has a “central role” in dealing with terrorism. Of course, non-existent “global warming,” previously “global cooling” but now known as “climate change,” should also be dealt with at the international level through binding treaties, the BRICS regimes said. Indeed, just about every problem — real and imagined — should be dealt with by the UN or at least its transnational regional proxies like the African Union, according to the five socialistic regimes.

“The UN enjoys universal membership and is at the center of global governance,” the controversial declaration continues. “We underscore our commitment to work together in the UN to continue our cooperation and strengthen multilateral approaches in international relations based on the rule of law and anchored in the Charter of the United Nations…. We are fully committed to a coordinated inter-governmental process for the elaboration of the UN development agenda.”

The new world order envisioned by the BRICS regimes, however, will look very different from the current one. “The prevailing global governance architecture is regulated by institutions which were conceived in circumstances when the international landscape in all its aspects was characterized by very different challenges and opportunities,” the five rulers agreed in their declaration, saying BRICS would be progressively developed and strengthened to play a greater role on the world stage.

The new world economic system being sought by the five rulers, governed by the UN and various international institutions, will also undergo drastic changes if the BRICS regimes and their allies get their way. “We acknowledge the important role that State Owned Companies (SOCs) play in the economy and encourage our SOCs to explore ways of cooperation, exchange of information and best practices,” the declaration states. “As the global economy is being reshaped, we are committed to exploring new models and approaches towards more equitable development and inclusive global growth.”

Ironically, the BRICS regimes — some of the most brutal autocrats on earth included — offered lip service to human rights even as their minions were fiendishly trampling all over the unalienable rights of their populations. In the declaration, the rulers “welcomed” the “World Conference on Human Rights” and “agreed to explore cooperation in the field of human rights.” Based on the UN “Human Rights” Council, which includes many of the most ruthless mass-murderers on Earth, the BRICS regimes may be doing OK. In reality, however, the regimes are some of the most barbarian governments in the world.